New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-08
THE BIG DEAL is APPROVED.
ACTION OF WESTERN UNION DIRECTORS.
RUMoRs OF INJUNCTION SUITS DIsCREDITEp-THE
COMMERCIAL CABLE WILL DE ABSORBED

There whispers of an iniunctio in Wall
Street and other rumors intmatcd that Robert
Garrett might not approve the sale of the tcle-
graph lines TO the Western Union Ii is not known
that there was good ground for these reports, but
they undoubtedly fastened the acual transfer OF
tile property. The syndicate had the stock OF the
Baltimore and Ohio Telegraph Company in its
possession, and the principal officers OF the ra J.
road company were III the city and they Heartily
approved the sale The syndicate accepted from
the Western Union IA satisfactory agreement 10
denver tie s5,oOO,0OO stock when ii cOaii bc
legally issued. 1t is understood however thar
Mr.. Could may lend tie company the requisite
stock, il the necessity should aIi,e and take
the agreement from the syndicate. This had not
teen done yesterday, and it was not thought
by officers of the company that this course
would be necessary. At the Offices of the Western
Union and of Drcxcl, Morgan & Co. it was sail
en-. hatlcaly that the transaction had been closed
and could not now be disturbed.
KUMORS. OPINIONS AND COMMENTS
JAY GOULD SAYS THE TRANSACTION Is CLusID--
THE RAILROAD BUSINESS.
J. Perpon Morgan, having missed his usual Thurs lay
holiday, not at his Office yesterday, but j. Iio0
Wright repeated the statement made 10y Dir. Morgan Oh
the previous day that the authority OF tue syndicate -
culed the report that Robert Garrett mi ht approve
the sale, and declared that II he should attempt o-
pose the action of the syndicate and the principal drcc
OF the Baltimore and Ohio Karoai he would nee5
ignominious defeat.
Jay Gould said that the transfer had been congete
Speaking vi the consequences of the purchase he
marked: 81 think it is good thing for the Western
Union well as the railroad company The volume of
our business has Increased much that in uss
for all the new lines while the Baltimore and Ohio VIII
not be obliged tc spend money for useless enterprise
The system operated at loss and the mistake 0f
engaging in outside business brought the railroad
company almost to the verge OF bankruptcy. why
bate third was allowed the 10 cent rate at
points, while the telegraph company paying ID
its district messenger service IL cents for collecting
and delivering. There is not much room for profit,
should In such cases we shall advance the rates AZ
once but otherwise there will be no change"
II WOULD BE HARD TO STOP FIGHTING ENTIRELY.
Mr. Gould denied that he hal any intention at present
of buying the other opposition lines or advancing clble
rates. He said smilIngy: DO not think coad geo
along without some opposition, we have been lighting
long The Mackay lines were for sale short time ago,
bat | do not know whether they now or not Thc
cable fight does not trouble lis at all Yon see we get p
per cent in the cable poo while Mr. Nackay in his o3I
gets 100 per There is vast difference Ia moro
ways than one"
Vice-preslent De Castro of the Comme rcia Cahla
Company, earnestly deniel the Wall street rnors hlt
Mr. Mlckay anxious to sell his telegraph and cdJe
interests. The stories are absurd he SAIL Nj
Mackay has made effort 10 sell and Is not going 10 sell.
The Postal lines reach the principal cities east 81 the
Mississippi and by way OF the Canadian Pacific railway
reach san Francisco The only points we do not reach
are in the south, but as well OF ~ We
before for the Baltimore AMI Ohio service to jo;o
places was wrcchci We are as mach please ~ any
one in fact. that the Baltimore ami Ohio lines have
fallen into the hands OF the Western Union
WALL STREET WILL NOT ACCEPT TIE DENIAL9.
In spite of these denals both sides, there is gem
era conviction in Wall street that the opposition line.
Will be secured by the Western Union within short
time 1t is believed that the purchase OF the Baltimore
and Ohio would not have been announced unless II vas
known With certainty at whlt price control OF tho
Mackay lines could be obtained 1t is not merely eo-
lecture that Mr. Maclay has become trel OF his t'.e
graph ventures, he said plainly 10 50 me- or hl'
friends when he last in NewYork lie slid to ono
person that the lines were for sale but that he na 30
notion OF giving them away. d" am disappointed wlit
the telegraph business. he reinarkei pat cam! %
forced To cell them at any price Jay Gould may o'I.
one cause that may delay the renewal of actiro
negotiations is little isacton on the part oi 40
Western Union witn the division OF business IN tie caD
POL. The control OF almost all the land lines ~ io
country has suggested TO the Western Union the nccc
SHY OF rcmOdclnug the cable pool aid Changing u y
agreement 10 land rates allowed tie company J. )
probable that important changes IN th direction Wlll -
ia lc before the acquisition o the Mdc"y HheS i Io'
maly concluded
The purchase OF the Baltimore and Ohio telegraph sys-
TEN includes the railroad lines well a. the new one
hult ny thc telegraph company tic "is'
graph department. Cndcr the bty years contract VITA
$50 900 a year. for which sum the railroad company
agrees TO furnish transportation for materials an
operators differs from the usual railroad contract be-
the entire receipts from local commercial pu,e>t
90 To the Western Union. Generally these receipts arc
about evenly divided between the railroad AMI Telegraph
companies 1t is said that one reason for this variation
available means to AS large an extent AS possible.
4 CHEAP PURCHASE. A DIRECTOR THINKS
4 prominent Western Union director said yesterday:
This is the cheapest purchase Of telegraph property
ever made in this country. For instance, the Baih"
and Ohio Telegraph Company paid Ss5O,o0o for tho
West shoreNicke Plate line 20 Chicago. 1t lad not over
four wires and the company practically rebuilt It, II
has now twenty and is OF the best lines out o
New-York II must have cost the Baltimore and oo az
least Sl.5o00o The cost OF the entire system ''nuS
al -. 900 on the railroad companys BOOKS M.
rne purchase was made 10, on ss the eop'''iIn OF S
de up to October is The action by ae city OF Ph-
phil for this reason II II, Interest 10 he puiShse
At the Office OF the Baltimore AMI ONO Ieesraph 'on-
pauy at No AIS Broadway there no change appat.
rent the routine OF business. and stranger wcud NOT
nav i'm sgned that any important transaction had been
com rieied PRESIDENT David H. Bates busy To h.
through the day and he sent odt w"rI To
isquircrs that lie had nothing To say pecns Tue S
ation. ,-.. -. ,r,,. r,,o
uNh's story and said: We have received no no ofic,l
notice tile sale and every thing here Is proceeding '
clsely as before. rhero have been no removals
no changes YOU would not fancy that anytnlng was
different from wha. il was last week. IL the transfer -
made 10 Is not likely tniJ III o"hA"
soon When tue express sold 20 the United states
Express Company IL was month before any changes
were made
MIR. GARRETT SAYS HE HAD FINE TRIP.
Po,ert Carr returned from Europe yesterday mora
ing on tho North German Lloyd steamer Ems. In order
10 scape reporters made arrangements with the Gus
tom House inspector which enabled him to leave tho
pler as soon rs he landed His brothcrinlaw, Mt
Frcke. met him. and they hastenel TO the Breyoort
IIonse where rooms eng ,,ed for Mr.. Garrett.
Mrs Garrett, Mr.. and Mrs. Frcke and Mr..
Ericke's father Mr.. Garrett left the hotel
after registering ami did not return TIL 7;3o
u IN lie was then seen by reporter, who found hlin
In excellent spirits but not disposed TO talk and o.
for caOn lie the picture OF health and IN bis
buttonhoc he big bouquet which matched MS
complexion. 8" enjoyed my trip thoroughly from hrst
to last" satd he ' though am glad TO get home. on
railroad and telegraph matters really canuot consent
10 interviewed cannot say anything on these suo'
iects simply because have nothing TO say"
Among the callers who LETT cards Tor Mr.. Garrett aia
Waitel him when he came back TO the hOtei was